Awarded the David A. Wells Prize 1963-64.

The problem to be studied -- Direct benefits: theory, measurement, and interpretation -- The magnitude of the backward linkages -- The dynamics of railroad extension into the west -- The impact on western agriculture -- Railroads and eastern industrialization in the 1840s -- The influence of pre-Civil War railroads on the patterns of domestic commerce -- Some implications for the theory of social overhead capital -- The derivation of output estimates -- The derivation of capital formation The derivation of employment estimates -- The derivation of equipment estimates.